The investment bank adds that company's September-quarter earnings came in line with consensus estimates, but with better petrochemical, refining performance and lower other income.

Reliance, which operates the world's biggest oil refining complex in western India, met analysts estimates with a 1.5 percent rise in net profit to 54.9 billion rupees in the three months to September 30.

The mean estimate of forecasts from 11 analysts surveyed by Thomson Reuters was 54.9 billion rupees.